ASTRAMICRO
Micro CapAstra Microwave Products Limited
Industrials
Astra Microwave Products Limited is a Defence & Space Sector company with 30+ years of experience in Radar, EW & Strategic Electronics domain. It has a proven track record in high value-added SYSTEMS, RF and Microwave Super Components and Sub-Systems, engaged in India’s space program for 25 years.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +20% YoY · PAT +45% YoY · margin expansion · +88% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹488 Cr | +19.6% | +87.7% |
| EBITDA | ₹161 Cr | +36.4% | +94.0% |
| Operating margin | 33.0% | +400 bps | +100 bps |
| PAT | ₹106 Cr | +45.2% | +125.5% |
| PAT margin | 21.7% | +383 bps | +364 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Astra Microwave reports strong Q4 FY26 and FY26 performance. Standalone Revenue up 20% YoY in Q4 and 11% in FY26. PAT grew 40% YoY in Q4 and 24% in FY26, driven by improved margins. Consolidated results show similar robust growth.
The company delivered robust Q4 and FY26 results with significant revenue and profit growth, supported by a healthy order book. Margin expansion and strategic focus on high-value systems and exports are positive. The proposed demerger of Space/Metrology business could unlock further value.
FY26 Revenue by Customer (Standalone)
Latest issuer-disclosed distribution across 8 reported categories.
Defence Sector Growth
Indian Radar Market projected ~Rs. 12,200 Cr by 2033 (20.62% CAGR); Indian EW market ~Rs. 9,500 Cr by 2033 (4.47% CAGR).
Space Economy Expansion
India aims to capture 8% of global space market by 2033; FY26 Space revenue Rs. 110.6 Cr, orderbook Rs. 187.1 Cr.
Strategic Partnerships & JVs
Collaborations with Rafael Advanced Defence Systems (ARC) and Manjeera Digital Systems (NAVICTRONICS) for high-end systems and NavIC chips.
Exports
Expanding through collaboration with Rafael, exports radar components to Israel, U.S. & Singapore.
Manufacturing Facilities
Four manufacturing facilities in Hyderabad.
R&D Facilities
One R&D facility in Hyderabad and one R&D facility in Bengaluru.
Astra Refael Comsys (ARC) Facility
India's first private sector military grade Software Defined Radio (SDR) manufacturing facility, 48,000 sq. ft in Hyderabad.
Government Support for Defence
Government supporting radar electronics through policies like Make in India and defence procurement reforms.
PLI Schemes
India’s Rs. 270 crores PLI scheme promotes local manufacturing of semiconductors and PCBs, crucial for telemetry hardware.
Increased Defence Budget
Defence budget (FY26-27) of Rs. 7.7 lac Cr, with capital outlay of Rs. 2.2 lac Cr.
Space Sector Budget
Government allocated Rs. 13,416 Cr (Budget 2025–26) to the Department of Space.
Forward-Looking Statement Risks
Fluctuations in earnings, ability to manage growth, competition, economic growth, retaining skilled professionals, time/cost overruns on contracts, government policies, fiscal costs.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show strong sequential momentum and annual closing performance. Full-year (FY26) results provide a comprehensive view of annual growth and profitability trends, crucial for a project-based industrial company.
Standalone Order Book
Rs. 2,141 Cr as of March 31, 2026.
Standalone Order Inflow (Q4 FY26)
Rs. 488 Cr.
Standalone Order Inflow (FY26)
Rs. 1,163 Cr.
Revenue Cover
Order book of Rs. 2,141 Cr covers ~1.85x of FY26 standalone revenue (Rs. 1,156 Cr).
Revenue Growth Target
Targets 15% to 20% revenue growth within three to five years.
Focus on Complex Systems
Higher proportion of revenues to be contributed by complex system fabrication, strengthening revenue growth, margins and capital efficiency.
Demerger of Space/Metrology Business
Board given in-principle approval to demerge Space, Meteorology and Hydrology business into a separate entity to unlock value and enable focused growth.
LEAP Framework
Complements organic growth strategy to unlock value from IP and technology base, creating high-tech, Made-in-India solutions for global markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 Standalone Revenue: 10.7% YoY. | Sustained double-digit revenue growth and progress towards 15-20% target. |
| Order Book & Inflow | Order book Rs. 2,141 Cr (1.85x FY26 revenue); Q4 FY26 orders Rs. 488 Cr. | Consistency of order inflow and order book-to-bill ratio for future revenue visibility. |
| Working Capital Efficiency | Cash Conversion Cycle: 374 days (FY26); Debtors Days: 216 days (FY26). | Further improvements in working capital metrics, especially debtor and inventory days. |
| Demerger Progress | In-principle approval for Space/Metrology demerger. | Progress and timelines of the proposed demerger and its impact on shareholder value. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +30.7% / mo · near 52W high
Technical chart
ASTRAMICROdaily · 3Y+39.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 75. Wait for confirmation.
- SMA20 rising (~12.7% over last month) — short-term momentum positive.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -59.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 41st percentile within Industrials. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-90 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 41st pctile, median 68 · Micro: 30th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-90 Cr.
- ▸Promoter holding is only 6.5%.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 69.50
- P/B
- 10.23
- EV/EBITDA
- 36.23
- Market Cap
- 13408.00Cr
Profitability
- ROE
- 16.00%
- ROCE
- 20.20%
- ROA
- 10.43%
- Dividend Y
- 0.16%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 5.96×
- Altman Z
- 8.46
- Book Value
- 138.00
Cash Flow
- FCF Yield
- 2.25%
- FCF Positive Y
- 5/5
- OCF
- 387.00 Cr
- EPS TTM
- 20.32
Shareholding
- Promoter Hold
- 6.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.